Life Storage (NYSE:LSI) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Life Storage (NYSE:LSIGet Rating) announced its earnings results on Wednesday. The real estate investment trust reported $0.88 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.01), MarketWatch Earnings reports. The business had revenue of $233.49 million for the quarter, compared to analyst estimates of $230.01 million. Life Storage had a return on equity of 8.50% and a net margin of 31.82%. The business’s revenue for the quarter was up 35.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 EPS. Life Storage updated its Q2 guidance to $1.50-1.54 EPS and its FY22 guidance to $6.04-6.14 EPS.

NYSE:LSI opened at $131.75 on Thursday. Life Storage has a 52 week low of $92.77 and a 52 week high of $154.45. The firm has a market cap of $11.09 billion, a price-to-earnings ratio of 41.69, a P/E/G ratio of 5.75 and a beta of 0.54. The firm’s 50-day simple moving average is $137.79 and its 200 day simple moving average is $136.68. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.44 and a current ratio of 1.44.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 26th. Investors of record on Thursday, April 14th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Wednesday, April 13th. Life Storage’s dividend payout ratio is 126.58%.

In other news, CEO Joseph Saffire sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 17th. The shares were sold at an average price of $134.54, for a total value of $538,160.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephen R. Rusmisel sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of $135.03, for a total transaction of $337,575.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,500 shares of company stock worth $2,054,285. 0.50% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of LSI. Morgan Stanley boosted its stake in shares of Life Storage by 143.2% in the 2nd quarter. Morgan Stanley now owns 594,229 shares of the real estate investment trust’s stock valued at $63,790,000 after purchasing an additional 349,910 shares in the last quarter. Allianz Asset Management GmbH boosted its position in Life Storage by 199.0% during the 4th quarter. Allianz Asset Management GmbH now owns 339,829 shares of the real estate investment trust’s stock worth $52,055,000 after buying an additional 226,191 shares during the period. Goldman Sachs Group Inc. boosted its position in Life Storage by 33.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 490,363 shares of the real estate investment trust’s stock worth $75,114,000 after buying an additional 122,628 shares during the period. Parametric Portfolio Associates LLC boosted its position in Life Storage by 13.3% during the 4th quarter. Parametric Portfolio Associates LLC now owns 155,957 shares of the real estate investment trust’s stock worth $23,890,000 after buying an additional 18,278 shares during the period. Finally, Allstate Corp boosted its position in Life Storage by 89.7% during the 4th quarter. Allstate Corp now owns 21,550 shares of the real estate investment trust’s stock worth $3,301,000 after buying an additional 10,192 shares during the period. Institutional investors own 91.67% of the company’s stock.

A number of analysts have commented on LSI shares. KeyCorp increased their price target on shares of Life Storage from $146.00 to $160.00 and gave the company an “overweight” rating in a research note on Thursday, January 13th. Zacks Investment Research upgraded shares of Life Storage from a “hold” rating to a “buy” rating and set a $147.00 price target for the company in a research note on Tuesday, March 15th. StockNews.com started coverage on shares of Life Storage in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Life Storage from $142.00 to $154.00 and gave the company a “neutral” rating in a research note on Monday, April 4th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $151.11.

Life Storage Company Profile (Get Rating)

Life Storage, Inc is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 900 storage facilities in 30 states and in the province of Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.

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Earnings History for Life Storage (NYSE:LSI)

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